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JSE records best day since June

17 December 2019

JSE records best day since June

Daily Investment Update

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Market commentary

SA flag Icon
South Africa

Optimism over the possibility of a trade deal between Beijing and Washington boosted the local market on Friday, after US President Donald Trump tweeted that both countries were “pushing to finalise the phase-one deal”. At the closing bell, the JSE All Share gained 1.66%.

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United States

Wall Street indices logged gains on Friday ahead of a news briefing by Chinese officials on the progress of the US-China trade negotiations. Shortly after the JSE closed, the Dow went up by 0.49%.

EU flag Icon
Europe

European shares hit record highs in the previous trading session after the British Conservative Party won the 2019 UK general elections, easing concerns over Brexit. The pan-European STOXX 600 Index gained 1.39%.

HK flag Icon
Hong Kong

Hong Kong stocks ended lower as persistent concerns about the anti-government protests in the Asian financial hub outweighed enthusiasm of a possible trade deal. The Hang Seng lost 0.65%.

Japan flag Icon
Japan

Japanese shares fell in the previous trading session after peaking at 14-month highs on Friday, following an excellent performance by banks and steelmakers on the back of renewed trade deal optimism. The Nikkei closed 0.29% lower.

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Rand

The local currency peaked at a four-month high on Friday as investors across the board cheered the prospect of a US-China trade deal. At 20h15, the dollar was trading at R14.35.

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Precious metals

Gold prices remained range-bound on Friday as “a weaker dollar helped offset pressures from an increased appetite for riskier assets,” boosted by trade deal optimism. An ounce of spot gold traded at $1 476.19 at 20h30.

Oil Icon
Oil

The price of oil reached its highest level since September on Friday “with a weaker dollar lending support as new OPEC+ oil supply cut starts are due to start in January”. At 20h40 a barrel of Brent crude traded at $65.66.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 56 749.12 1.66 0.91 0.13 - 1.51 13.50
Gold mining 2 596.12 - 3.68 4.54 24.52 38.47 100.98
Basic minerals 35 527.52 0.73 5.65 12.41 6.19 33.23
Industrial index 73 565.16 1.66 - 0.87 - 6.92 - 5.86 8.19
Financial 39 777.40 2.82 - 1.50 0.00 - 3.01 3.17
Fin + Ind 30 7 374.73 2.08 - 1.10 - 4.51 - 4.73 6.65
International markets (Base currency)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Dow Jones (USD) 28 235.89 0.36 1.12 4.92 9.57 20.04
S&P 500 PR (USD) 3 191.45 0.72 2.46 6.97 11.63 25.25
NASDAQ (USD) 8 734.88 0.21 3.11 7.11 12.05 24.91
FT-100 (GBP) 7 519.05 2.25 3.14 3.50 4.51 14.97
Hang Seng (HKD) 27 508.09 - 0.65 4.57 1.77 3.38 9.26
Nikkei 225 (JPY) 23 952.35 - 0.29 2.79 9.74 14.63 14.48
MSCI World (USD) 6 844.47 0.77 2.50 6.87 10.58 22.73
Frankfurt (EUR) 5 980.47 0.94 1.25 8.30 10.84 23.39
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 477.40 0.46 0.81 - 1.64 9.24 19.23
Platinum ($) 932.00 - 0.64 6.39 - 2.20 13.94 17.68
Brent Oil ($) 65.34 0.18 3.22 - 5.33 5.37 8.39
Rand/USD 14.36 - 0.05 2.89 2.31 - 0.39 0.05
Rand/GBP 19.10 - 0.02 - 0.24 - 4.04 - 5.25 - 5.23
Rand/EUR 16.01 - 0.04 1.82 1.58 0.67 1.87
ALBI (R) 690.97 0.02 0.16 - 0.27 3.53 12.14

  1. Some data may be delayed, the above table reflects the latest available information
  2. Performance reported during the first week of each month may be impacted by distributions. Distributions are fully accounted for by the second week of each month


Economic calendar

Local International
  1. No economic data scheduled for release.
  1. UK: Employment Change SEP
  2. EU: Balance of Trade OCT

Source: Reuters, Business Day, Trading Economics


PSG Product Matrix

Fund matrix

PSG Wealth Solutions
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Enhanced Interest D 3.83 7.96 7.98 8.03 8.01 7.76
PSG Wealth Income FoF D 3.53 8.20 7.78 8.03 8.45 8.08
PSG Wealth Preserver FoF D 1.14 7.34 4.32 5.89 5.98 6.48
PSG Wealth Moderate FoF D - 0.15 8.12 2.48 5.14 5.59 5.81
PSG Wealth Creator FoF D - 1.13 8.91 0.82 3.86 5.90 4.43
PSG Wealth Global Moderate FF D 2.69 13.80 6.01 7.95 2.92 7.95
PSG Wealth Global Creator FF D 5.75 23.70 12.31 15.46 8.57 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 4.95 11.63 2.58 5.76 5.26 3.18
PSG Wealth Global Creator FoF D 8.26 21.38 8.70 13.14 10.97 8.83
PSG Wealth Global Preserver FoF (USD) D 2.69 8.64 3.24 4.55 5.62 4.07
PSG Wealth Global Flexible FoF (USD) D 5.57 15.68 7.07 11.31 10.22 7.94
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D - 0.05 4.16 3.60 3.54 8.16 6.40
PSG Wealth Global Flexible FoF (GBP) D 1.98 11.00 7.11 9.05 12.81 10.62
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.53 7.26 7.28 7.39 7.36 7.19
PSG Income A 3.80 8.20 8.41 8.36 8.44 7.97
PSG Diversified Income 3.05 7.10 7.10 7.41 7.67 7.65
PSG Stable A 0.53 1.51 2.85 4.27 5.70 5.95
PSG Balanced A - 1.26 - 3.08 - 1.38 1.43 4.78 4.77
PSG Flexible A - 1.78 - 2.81 - 1.04 1.27 5.94 5.67
PSG SA Equity D - 8.15 - 14.21 - 7.81 - 5.65 - -
PSG Equity A - 4.84 - 8.49 - 5.21 - 1.91 5.39 2.89
PSG Global Flexible FF A - 1.80 - 0.15 - 2.01 2.84 2.51 -
PSG Global Equity FF A - 1.65 - 0.84 - 2.81 3.32 3.24 5.84
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A 1.38 - 1.69 - 4.66 1.27 5.79 2.24
PSG Global Equity USD 1.34 - 2.35 - 5.33 1.80 6.54 2.10
PSG Direct Portfolios
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Direct Flexible Income 3.26 7.20 7.31 7.41 7.54 7.28
PSG Direct Low Equity 0.37 1.03 2.21 3.74 5.39 5.53
PSG Direct Managed - 1.62 - 3.45 - 1.74 0.93 4.59 4.52
PSG Direct Aggressive - 2.85 - 4.25 - 2.74 0.35 4.73 -
PSG Direct Global Managed - 2.03 - 0.61 - 2.46 2.37 2.05 -
PSG Direct Global Aggressive - 1.92 - 1.02 - 2.95 2.68 2.51 -

  1. The PSG Wealth Solutions are exclusively available through registered PSG planners and/or advisers
  2. The above information reflects the latest available data at time of distribution, as such product performance data reflects T-2 numbers
  3. Performance reported during the first week of each month may be impacted by distributions. Distributions are fully accounted for by the second week of each month
  4. The PSG Best Ideas Portfolios were renamed to the PSG Direct Portfolios in February 2018

Equity portfolio matrix

PSG Wealth House View Portfolios
Portfolio 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth SA Equity Portfolio - 7.54 - 3.28 - 1.78 0.32 4.68 -
PSG Wealth SA Property Equity Portfolio - 2.69 - 4.46 - 8.57 - 3.32 - 1.47 -
PSG Wealth SA Dividend Income Equity Portfolio - 8.68 - 3.09 - 2.57 1.60 - -
PSG Wealth Offshore Equity Portfolio (USD) 8.67 16.68 10.24 16.08 13.72 -
PSG Wealth Managed Volatility Equity Portfolio - 6.89 - 6.30 - 6.50 - 3.25 - -

  1. The PSG Wealth equity portfolios are exclusively available through registered PSG planners and/or advisers
  2. PSG Wealth equity portfolio performance are shown gross of management fees, but net of brokerage and other trading costs
  3. PSG Wealth SA and Offshore Equity Portfolio Inception date: 30 August 2015
  4. PSG Wealth SA Listed Property Portfolio Inception date: 1 December 2015
  5. PSG Wealth Dividend Income Equity Portfolio Inception date: 29 April 2016
  6. PSG Wealth Managed Volatility Equity Portfolio Inception date: 28 July 2016
  7. PSG Wealth Funds are exclusively available through registered PSG planners and/or advisers


Recent Investment Ideas

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Highlights

  • Our recommendation for PFE US is overweight; click here to read the full report on our secure site.
  • The group has been able to protect its gross profit margins despite the challenging trading environment because of its scale and defensive nature.
  • We believe Pfizer is a high-quality company with a high ROE and an attractive and sustainable operating margin.


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Highlights

  • Our recommendation for MCG SJ is overweight; click here to read the full report on our secure site.
  • Having only listed on the JSE in February 2019, MultiChoice has already seen its shares grow by approximately 17% to R125.
  • At these levels, and trading at a forward P/E of 15 times, we believe that MultiChoice is still undervalued and is well-positioned to benefit from mass-market growth in both South and Southern Africa.


company logo

Highlights

  • Our recommendation for SOL SJ is underweight; click here to read the full report on our secure site.
  • Sasol is currently facing an increased risk profile through the decline in chemical product prices, a severely constrained balance sheet and slowing global economic backdrop.
  • The group’s chemicals business is also facing growing competition from additional ethylene capacity/supply into the market.


Corporate actions

Date Company Share code Expectation
18 December 2019 AEP Energy Africa Limited AEY Capital Distribution
18 December 2019 Arrowhead Properties Limited (REIT) AHA Cash Dividend
18 December 2019 Arrowhead Properties Limited (REIT) AHB Cash Dividend
18 December 2019 Delta Property Fund Limited (REIT) DLT Cash Dividend
18 December 2019 Gaia Infrastructure Capital Limited GAI Cash Dividend
18 December 2019 Oceanan Group Limited OCE Cash Dividend
18 December 2019 PBT Group Limited PBG Cash Distribution (Capital Reduction)
18 December 2019 Sirius Real Estate Limited SRE DVOP
Option 1 - (Cash Dividend) Gross - ZAR0.28508Less 20% tax - ZAR0.057016Net - ZAR0.228064
Option 2 (Capitalisation Shares)Ratio - 1 new share for every 51.95026 shares held
Default - Option 1 (Cash Dividend)
18 December 2019 Vukile Property Fund Limited (REIT) VKE Cash Dividend

  1. The information above is to the best of our knowledge correct at the time of distribution but due to the nature thereof cannot be guaranteed.
  2. This document only contains general information and not the opinion of the distributor.

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Author
author

Adriaan Pask PhD

Chief Investment Officer


At PSG Wealth
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